(
c)
NAMA forms the view that it is unlikely that the sum secured by the charge can be
recovered by a sale within 3 months after the application.

(2)
An application under
subsection
(1)
shall, where there is a charge secured over the land concerned that has priority
to the charge referred to in
paragraph
(a)
of that subsection, contain an undertaking by NAMA to discharge that charge in accordance
with
section 154.

(3)
An application under
subsection
(1)
shall be supported by an affidavit to which is exhibited evidence—

(
a)
as to the price likely to be realised, within 3 months after the application, by a
sale of the land concerned, and

(
b)
of any other interests in the land, including any prior charge referred to in
subsection
(2)
.

(4)
NAMA shall serve notice of the application on—

(
a)
the chargor concerned,

(
b)
any chargee (whether prior or subsequent), and

(
c)
any guarantor of the relevant credit facility.

(5)
NAMA shall publish a notice of an application for a vesting order in at least one
daily newspaper circulating generally in the State.

(6)
The Court shall set down an application under
subsection
(1)
for preliminary hearing, at which it shall give directions for the taking of accounts
in relation to the credit facility concerned. At the preliminary hearing the Court
may stay the proceedings if a subsequent chargee wishes to offer to redeem in full
the charge held by NAMA or a NAMA group entity.

(7)
At a preliminary hearing under
subsection
(6)
, the Court may direct that notice of the application shall be given to any other
person.

(8)
The Court may, in any application under this Chapter where it seems to the Court appropriate
to do so, direct that evidence be given on affidavit. The Court may deal with the
application summarily on consideration of any affidavits presented to it.